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This settlement is closed!
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A settlement has been reached in a class action lawsuit alleging HSBC Bank USA NA and others forced hazard insurance on homeowners. If you were charged for lender-placed insurance by HSBC Bank and/or its affiliates, you could be eligible for benefits from the force-placed insurance class action settlement.
Force-placed insurance policy practices by banks and loan providers are currently under scrutiny nationwide in light of consumer allegations of overcharging customers for minimal coverage. Many homeowners allege that HSBC Bank USA NA illegally overcharged them for forced placed insurance policies and as a result have joined a forced-placed insurance class action lawsuit.
Lead plaintiff Darlene Diaz filed the HSBC force-placed insurance class action lawsuit a year ago in Florida’s federal court, alleging HSBC and Assurant Inc. forced exceedingly expensive insurance policies onto their homeowners in order to reap extensive profits.
While bank or mortgage lender can force-place an insurance policy on properties they finance when a homeowners’ insurance lapses, the loan provider cannot charge more than what it necessary to insure the house. In the HSBC force-placed insurance class action lawsuit, Diaz alleges Assurant and Assurant subsidiaries agreed to artificially increase a borrower’s insurance premiums and in turn HSBC would receive insurance kickbacks.
HSBC and Assurant have denied liability, but have agreed to pay a class action settlement to avoid court expenses and ongoing litigation.
Who’s Eligible
You are a Class Member of the HSBC Force-Placed Insurance Class Action Settlement if you were charged for a lender-placed hazard insurance policy (LPI Policy) by HSBC and its affiliates, which was then issued by Assurant Inc. or its subsidiaries between Jan. 1, 2005, and March 24, 2014.
Potential Award
Varies:Â
Class Members who paid for a portion of or all of the charges on a hazard LPI policy are eligible to receive 13% of the net premium of said policy.
Class Members who were charged for a hazard LPI policy but who did not pay for said policy are eligible for 6% of the net premium of the hazard LPI policy.
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Proof of Purchase
To qualify for compensation from the HSBC Force-Placed Insurance Class Action Lawsuit, you must fill out and submit a Claim Form online or by mail postmarked no later than 60 days from the Court granted final approval TBD.
Claim Form Deadline
12/29/2014
Case Name
Javier Lopez, et al. v. HSBC Bank USA NA, et al., Case No. 1:13-cv-21104, in the U.S. District Court for the Southern District of Florida.
Final Hearing
09/18/2014
Settlement Website
www.DiazSettlementInfo.com
Claims Administrator
Diaz v. HSBC Bank USA Claims Administrator
P.O. Box 43193
Providence, RI 02940-3193
1-888-548-5505
Class Counsel
Adam M. Moskowitz
Tucker Ronzetti
Rachel Sullivan
Robert J. Neary
KOZYAK TROPIN & THROCKMORTON PA
Aaron S. Podhurst
Peter Prieto
John Gravante III
Matthew Weinshall
PA PODHURST ORSECK PA
Lance A. Harke
Sarah Engel
Howard M. Bushman
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Lisa M. Simonetti
STROOCK & STROOCK & LAVAN LLP
Frank G. Burt
Farrokh Jhabvala
CARLTON FIELDS JORDEN BURT
UPDATE: The HSBC force-placed insurance settlement received final approval on Oct. 29, 2014.
UPDATE 2: On Dec. 10, 2015, readers began reporting that they were receiving checks in the mail from the HSBC class action settlement. Congratulations to everyone who submitted a valid claim and got PAID!
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76 thoughts onHSBC Bank Force-Placed Insurance Class Action Settlement
I did received a check for $1,081.09 pay to wrong person. I sent it back with the my name County Property Tax Collector and Divorce Court documents, with my name on it – a Certified Mail, they received it last January 7, 2016 . Still waiting for the right check. I left many messages on telephone no answer at all.
NO
I call to no respone with that number, check out dec. 10 2015, my check came of misplaced to try to call attorney , about cancel of and replaced? WHO TO ANSWER TO! Thank you
Misplaced check or lost. Who can I got a replaced of check $697.00 ? Not sure of what bank it came from. attorney for this settlement not given any answer. CAN ANY BOTHER HELP! Thanks you!
Ads…all the attorneys are in Miami
ADsma: Which contacts were you able to get through to? I`ve called and sent e-mail, with no response.
Call the attorney in Miami. They will look into where the check is as well as the amount. Make sure you have your claim number
I called all three attorneys with no success, I believe my check may have sent to the wrong address. Not sure what to do.
Finally got thru to attorneys office, they were very responsive and helpful. It seems my checks went to the wrong address.
A few calls to legal reps to find out status. Address has been updated and is correct with those sending checks. December 21 still nothing . Legal firm researching to find out where the delay is. Good thing I have a sense of humor!
Yes
Did you all get it on regular mail?
Yes
I’m in south Texas and no check yet……